Fitbit Inc. (FIT) Given a $20.00 Price Target by Mizuho Analysts
Several other brokerages have also recently commented on FIT. Zacks Investment Research cut shares of Fitbit from a hold rating to a sell rating in a research note on Tuesday, July 12th. Citigroup Inc. set a $20.00 price target on shares of Fitbit and gave the stock a buy rating in a research note on Wednesday, August 3rd. Leerink Swann decreased their price target on shares of Fitbit from $18.00 to $16.00 and set a market perform rating on the stock in a research note on Wednesday, August 3rd. Longbow Research set a $20.00 price target on shares of Fitbit and gave the stock a buy rating in a research note on Tuesday, August 23rd. Finally, Dougherty & Co reiterated a neutral rating on shares of Fitbit in a research note on Friday, July 15th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $22.08.
Shares of Fitbit (NYSE:FIT) traded up 1.48% during mid-day trading on Thursday, reaching $15.04. 2,364,354 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $15.33 and a 200 day moving average price of $14.66. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 31.73 and a beta of 3.30. Fitbit has a 12-month low of $11.65 and a 12-month high of $41.97.
Fitbit (NYSE:FIT) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.11 by $0.01. The business had revenue of $586.50 million for the quarter, compared to analysts’ expectations of $578.48 million. Fitbit had a net margin of 5.76% and a return on equity of 14.55%. The business’s quarterly revenue was up 46.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.21 EPS. Analysts anticipate that Fitbit will post $1.18 EPS for the current fiscal year.
In related news, EVP Andy Missan sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $15.14, for a total transaction of $227,100.00. Following the completion of the sale, the executive vice president now owns 50,000 shares of the company’s stock, valued at $757,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Philip Douglas Black sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $15.62, for a total transaction of $781,000.00. The disclosure for this sale can be found here. Corporate insiders own 37.29% of the company’s stock.
Large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Fitbit by 14.4% in the first quarter. BlackRock Inc. now owns 208,340 shares of the company’s stock worth $3,157,000 after buying an additional 26,192 shares during the last quarter. BlackRock Group LTD boosted its stake in Fitbit by 230.0% in the first quarter. BlackRock Group LTD now owns 1,354,236 shares of the company’s stock worth $20,518,000 after buying an additional 943,827 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Fitbit by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,591,754 shares of the company’s stock worth $24,115,000 after buying an additional 7,022 shares during the last quarter. BlackRock Japan Co. Ltd boosted its stake in Fitbit by 27.5% in the first quarter. BlackRock Japan Co. Ltd now owns 66,618 shares of the company’s stock worth $1,009,000 after buying an additional 14,376 shares during the last quarter. Finally, Columbia Partners L L C Investment Management purchased a new stake in Fitbit during the first quarter worth approximately $5,015,000. 55.41% of the stock is owned by institutional investors.
Fitbit, Inc is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts.
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